CMC Markets taps TrueLayer to enhance payments and client onboarding

Rick Steves

“CMC’s focus on delivering an enhanced investor experience led us to examine what role open banking could play in supporting our digital strategy.”

CMC Markets has partnered with open banking platform TrueLayer to enhance its client onboarding and customer payments.

The renowned multi-asset broker, offering thousands of financial instruments across forex, indices, commodities, shares and treasuries through CFD products, is addressing investor demand for instant payments.

According to research by YouGov and TrueLayer, almost two thirds (64%) of current and prospective investors are more likely to trust a provider that offers instant payments. Almost half of current investors (46%) said they were likely to switch providers if that service also offered instant withdrawals.

CMC Markets embracing open banking

Colleen Bohm, Head of Payments at CMC Markets, said: “CMC’s focus on delivering an enhanced investor experience led us to examine what role open banking could play in supporting our digital strategy. That included elements such as verifying customers and delivering more efficient payments. It was important for us to choose a trusted and proven partner, which is why we have turned to TrueLayer.”

Nick Tucker, Head of Financial Service at TrueLayer, commented: “We’re delighted that CMC Markets has selected TrueLayer to deliver open banking-based services in the UK. It’s exciting progressive firms such as CMC Markets embracing open banking and, with TrueLayer, deliver a more compelling customer experience. We look forward to working with the team at CMC Markets to deliver value to their customers.”

TrueLayer’s open banking platform will improve CMC Markets’ onboarding process through enhanced verification returning a result in seconds. It also simplifies the payments setup, resulting in fewer failed transactions.

The solution will also make a difference to CMC Markets customers when funding their investment accounts as they’ll gain access to instant, secure account-to-account payments that remove the need to enter any card or bank account details and use biometrics to authenticate identity and confirm the payment. The service ensures that every transaction has been authorised and customers have the funds available to trade.

ETX Capital, now OvalX, also tapped TrueLayer

Earlier this year, FCA-regulated broker ETX Capital – which has recently rebranded to OvalX – deployed TrueLayer’s payments platform to deliver instant deposits and withdrawals for customers.

The partnership will allow the broker’s customers to verify bank account information using biometric methods, connect to the trading app for instant and secure funding, and make the withdrawal process for customers more efficient. Cards and bank transfers can take anywhere from a few days to a few hours, but TrueLayer’s platform ensures instant withdrawals, direct to the customer’s bank account.

The white label solution uses the ETX Capital brand – now OvalX – and the customer’s chosen bank, rather than a third party brand, which is critical to build trust and confidence.

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